PenFed - Auto Refinance and Status of Pending for 4 Days

[mark1210]

Hey All,

New to the boards and just wanted to say first off this site is great as are the contributors/users.

The main reason I reigstered was to get more information on PenFed's auto refinance process.  I just became a PenFed member last week, was immediately approved for a 10K credit card with no issues.  Also approved for a checking account with thrifty credit service (whatever that is) with instant approval.  My main reason for becoming a member was to refinance my existing auto loan to PenFed.  I applied online and instead of an instant approval I got a notification that it was sent to a loan officer - I was prompted to enter my VIN, payoff, lien holder, etc on the webform.  The status has not changed from "Pending" in 4 days - I called their customer service department and all they said was I'll pass the loan request to a loan officer for review - this occured yesterday.  

Based on my credit scores, the prior approvals, do you think this is a sign it will be declined?  I was surprised at the approvals for everything else - no baddies or anything but not 800+ scores either.  I'm not sure if they are holding the app because I'm such a new member or what.  I do have mortgage information, average age of accounts is 11 years, about 80K in credit availble and about 6K in debt among various cards in total.  Apparently PenFed likes thoses types of accounts apparently.

Auto Re-Fi Specifics: 2013 vehicle, 40K original loan, vehicle is valued at 38K according to kelly black book and the remaining loan amount is 29K (so I'm positive in terms of equity in the vehicle)  the rate was 3.25% when it was purchased in Jan.

Thanks for any and all input!

Mark

[Hoya08]

Not sure why PenFed is taking so long to respond, but give them another call tomorrow.

As for PenFed's valuation of the car you're interested it, use NADA.com, that's what PenFed uses.  But I doubt you will require a "down payment" if your balance is 29k.

[prabs99]

I applied for Penfed two weeks ago and got approved for 12K Amex, did not sign up for a checking account. Yesterday I applied to refinance my car. It said to check the status in 24 hours, now the status said it was preparing to disburse. I dont have that high of scores, low 700s. I asked for 11K. Good luck to you.

[mark1210]

Congrats!  Wow yours went awfully quick.  I assume yours was requiring a loan officer to review as well since it wasn't instant approval?

[prabs99]

I have no idea. All it said last night after I applied was to check in 24 hours. Not sure how their process works.